ASK THE PROS

Is It Too Late To Protect Assets From Nursing Home Costs?

Justin, My mom has been living in a nursing home for the last half year, and she is depleting her savings at an alarming rate.   In six months she has spent over $35,000 on nursing home costs, and the spending is causing her tremendous anxiety.  She and my late father never spent a dime on themselves, and they saved all their lives.  Mom feels helpless now that her savings is getting eaten up so quickly.  Is it too late for her to hire an attorney to try to protect her home and savings?   – Sam

Sam, thanks for the question.  I can say with a relatively high degree of confidence that it is not too late for her to protect her home and some of her other assets.  Many of the clients who retain our firm are in similar situations.

Many of the people we work with are close to moving to a long-term care facility or are already there, and they are worried sick about burning through the life savings they had hoped to pass on to their children.  One of the most rewarding parts of my job is having the opportunity to explain to families how we can help maximize their income and preserve their assets by taking advantage of all available forms of financial assistance.  But while it’s not too late to get started, the earlier you plan, the more we can save.  Our options become more limited as the financial resources start to run out.

If you are a caregiver for a person who is likely to need long-term care in the future, or if you have a family member already in need of long-term care, you owe it to yourself and to them to do your homework.  There is a ton of incorrect information floating around.  If you don’t know where to start, my book, You Need A Plan, can get you moving in the right direction.  Check it out at YourPlanMatters.com.  But you don’t have to wait for the book to get moving.  Call us today for a free strategy session, and we’ll immediately start putting together your plan.

Are you in a similar situation?

We can help you navigate your unique circumstance.

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